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Sedona developer Max Sabeti has sold the community's first phase to Maronda Homes and its second phase to CalAtlantic Group.
Sedona developer Max Sabeti has sold the community's first phase to Maronda Homes and its second phase to CalAtlantic Group. (Osceola County Property Appraiser)

CalAtlantic Group paid $4.6 million last week to buy Phase 2 of Sedona, a 220-acre subdivision between Kissimmee and Poinciana.

Developer Max Sabeti told GrowthSpotter the community on Ham Brown Road is approved for 378 lots. He has a deal with Maronda Homes for Phase 1, which includes 191 homesites on 40-foot lots.

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Maronda paid $1.1 million in October for 20 finished lots. The builder is offering eight floorplans with prices starting around $200,000.

"We did the first phase and put in all the roads and infrastructure," Sabeti said. "The second phase was entitled and CalAtlantic bought it from us. They're going to develop it themselves."

Phase 2 has 187 lots -- all 50-foot wide. About half of the community is preserved wetland.

Details on the deal that will create America's largest homebuilder, and the two development footprints in Greater Orlando that may complement one another.

"One of the things that's really special about this project is that none of the lots back up to another house," Sabeti said. "They all back up to lakes, ponds, conservation areas or parks. So that makes it unique, and it offers a lot of privacy."

Sedona is just south of the proposed Woodland Park development, which already has an approved Site Development Plan calling for 1,018 single-family homes to be built over six phases.

CalAtlantic currently has 49 active communities in development in the Greater Orlando market, including Eagle Lake on Lake Tohopekaliga. It's now is in merger negotiations with Lennar Homes to form the nation's largest production homebuilder, a deal that must be approved by shareholders of both corporations.

Have a tip about Central Florida development? Contact me at lkinsler@GrowthSpotter.com or (407)420-6261, or tweet me at @LKinslerOGrowth. Follow GrowthSpotter on Facebook, Twitter and LinkedIn.

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